Walthausen & Co. LLC acquired a new position in Patrick Industries, Inc. (NASDAQ:PATK) in the fourth quarter, Holdings Channel.com reports. The institutional investor acquired 42,300 shares of the construction company’s stock, valued at approximately $2,218,000.
Other hedge funds have also modified their holdings of the company. Tower Research Capital LLC TRC grew its holdings in Patrick Industries by 554.3% in the 3rd quarter. Tower Research Capital LLC TRC now owns 916 shares of the construction company’s stock worth $39,000 after buying an additional 776 shares in the last quarter. Russell Investments Group Ltd. bought a new position in Patrick Industries in the 3rd quarter worth approximately $110,000. Ladenburg Thalmann Financial Services Inc. grew its holdings in Patrick Industries by 6.6% in the 4th quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,828 shares of the construction company’s stock worth $149,000 after buying an additional 174 shares in the last quarter. LS Investment Advisors LLC grew its holdings in Patrick Industries by 458.9% in the 4th quarter. LS Investment Advisors LLC now owns 3,711 shares of the construction company’s stock worth $195,000 after buying an additional 3,047 shares in the last quarter. Finally, Magnus Financial Group LLC bought a new position in Patrick Industries in the 4th quarter worth approximately $201,000. 91.87% of the stock is owned by institutional investors and hedge funds.
In other news, COO Kip B. Ellis bought 3,000 shares of the business’s stock in a transaction on Friday, March 13th. The stock was purchased at an average cost of $32.34 per share, for a total transaction of $97,020.00. Following the completion of the transaction, the chief operating officer now directly owns 84,646 shares of the company’s stock, valued at approximately $2,737,451.64. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director M Scott Welch bought 10,000 shares of the business’s stock in a transaction on Friday, February 28th. The stock was purchased at an average price of $53.27 per share, with a total value of $532,700.00. Following the completion of the transaction, the director now directly owns 11,273 shares of the company’s stock, valued at $600,512.71. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 13,614 shares of company stock valued at $654,689 and sold 87,401 shares valued at $4,839,209. Corporate insiders own 7.60% of the company’s stock.
A number of equities analysts recently issued reports on PATK shares. Sidoti decreased their price objective on Patrick Industries from $74.00 to $53.00 and set a “buy” rating for the company in a report on Thursday. Zacks Investment Research lowered Patrick Industries from a “buy” rating to a “hold” rating in a report on Wednesday, March 11th. KeyCorp increased their price objective on Patrick Industries from $60.00 to $75.00 and gave the stock an “overweight” rating in a report on Friday, February 14th. BidaskClub raised Patrick Industries from a “sell” rating to a “hold” rating in a report on Thursday. Finally, TheStreet raised Patrick Industries from a “c+” rating to a “b-” rating in a report on Monday, February 10th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $55.00.
PATK traded up $3.98 during trading on Thursday, reaching $31.78. The stock had a trading volume of 487,600 shares, compared to its average volume of 236,331. The firm has a market capitalization of $578.39 million, a price-to-earnings ratio of 8.23, a price-to-earnings-growth ratio of 3.53 and a beta of 1.82. The company has a quick ratio of 1.41, a current ratio of 2.76 and a debt-to-equity ratio of 1.48. Patrick Industries, Inc. has a 1-year low of $16.70 and a 1-year high of $64.38. The stock has a 50 day moving average of $46.79 and a two-hundred day moving average of $48.05.
Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, February 13th. The construction company reported $0.86 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.12. The firm had revenue of $549.50 million during the quarter, compared to the consensus estimate of $535.56 million. Patrick Industries had a return on equity of 19.21% and a net margin of 3.83%. The firm’s revenue for the quarter was up 3.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.96 earnings per share. On average, research analysts forecast that Patrick Industries, Inc. will post 4.03 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, March 23rd. Shareholders of record on Monday, March 9th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 3.15%. This is an increase from Patrick Industries’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend was Friday, March 6th. Patrick Industries’s dividend payout ratio is 25.97%.
About Patrick Industries
Patrick Industries, Inc manufactures and distributes building products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States and Canada. Its Manufacturing segment manufactures and sells furniture, shelving, walls, countertops, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, solid surface, granite, and quartz countertop fabrication products; RV paintings; fabricated aluminum products; decorative vinyl and paper laminated panels; fiberglass and plastic components; softwoods lumber; custom cabinets; polymer-based flooring products; and electrical systems and components, including instrument and dash panels, and other products.
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